Blockchain & The Law Roundup: 25 September 2017

Here’s all the latest from the world of blockchain and the law. Amongst other things UK firm Clyde & Co is trialling blockchain in its Insurance practice. Also, a new study undertaken by Cambridge reveals central banks are looking at blockchain and there’s a big summit on in London where firm partners are discussing with GC the future of this and other technologies at major law firms.

Extract: The lawyer who asked a Nebraska state legal ethics board about accepting bitcoin as payment says his practice will soon begin taking the cryptocurrency. As CoinDesk previously reported, the Nebraska Lawyers’ Advisory Committee was asked if lawyers could accept bitcoin from either a client directly or through a third party. That request also queried whether lawyers can hold cryptocurrencies in escrow or in a trust on behalf of a client.The eight-member body, appointed by the state’s Supreme Court, largely gave its approval, saying that any cryptocurrencies accepted must be immediately converted into US dollars. Among the notable elements of that ruling – a first – was the call for the use of multi-signature wallets when holding funds in escrow.

Now, Matt McKeever, the attorney who submitted the request, said that his firm Copple, Rockey, McKeever & Schlecht is putting together an official policy for accepting cryptocurrencies as payment. At this time, it’s not clear when the practice will officially begin taking cryptocurrencies.

Title: Legal change leaders head for London summit: A group of legal change leaders from some of the world’s top corporates and financial institutions will gather in London next week.

Extract: As the legal marketplace gets to grips with the impact of technology – from Artificial Intelligence to Blockchain – the purpose of law firms has come into question. The needs of law departments have changed and the challenge for law firms lies in innovating their offerings. With the balance of power fast shifting, what can law firms do to lead the market, change their model and deliver legal services differently. And what do legal departments actually want? The GC Futures Summit will bring together some of the top global corporates and financial institutions to answer these questions and engage in a new conversation with their external advisers. Legal advisors from some of the top global companies including Shell, Santander, Lloyds, Valeant Pharmaceuticals, Jaguar Land Rover, Macquarie Group, Lloyds Banking Group, BT; Finastra; Sony, Royal London Group, Brambles, Wells Fargo, Sumitomo Mitsui Banking Group and Wood Group will gather to discuss the new era of legal and how law firms and legal departments can develop trusted relationships in the dynamic new technology driven world which is reshaping the legal marketplace.

Extract: Central banks and other public sector institutions are actively involved in distributed ledger technology (DLT) experiments and trials, says first Global Blockchain Benchmarking Study by the Cambridge Centre for Alternative Finance. 57% of surveyed central banks are experimenting with the Ethereum codebase. Report highlights rapid growth of DLT, along with regulatory and other issues needing attention to unlock full potential

Extract: Less than one month after the fast food giant launched its blockchain token called Whoppercoin in Russia, the company was reportedly summoned by the Izmailovo inter-district prosecutor’s office regarding its cryptocurrency.A Burger King representative told RNS that the company had received two notifications from the prosecutor’s office; one on September 13 and the other on September 19 “with an invitation to the Izmaylovskoy prosecutor’s office on behalf of the prosecutor’s office in Moscow.”

Title: Australian law firm hails use of digital currencies for its businessLehman Walsh has embraced digital currencies and adopted a progressive approach to new technology which it claims is paying dividends.

Extract: An Australian law firm is targeting new clients through incorporation of blockchain technology and accepting digital assets as a method of payment. As part of its innovative approach, Sydney law firm Lehman Walsh Lawyers now accepts a range of digital currencies and is using the latest developments in technology to build up its practice. Speaking to Lawyers Weekly, Lehman Walsh head Janya Eighani said that the law firm accepts ‘not just bitcoins, but also Ethereum and NEO Token.

Extract: Clyde & Co on Thursday said it has launched Clyde Code, a consultancy to advise insurers and clients in other sectors on issues related to smart contracts, blockchain and distributed ledger technologies.Clyde Code will advise clients on legal and technical matters and provide services related to smart contracts, including smart contract creation; existing contract enhancement; contract verification, to ensure that contracts will work as intended legally and technically; contract enforcement and dispute resolution; and forensic investigations in relation to smart contract failures, the London-based law firm said in a statement.